Connect with us

Business

Dow Jones Gains; 3 Warren Buffett Stocks Eye Buy Points; Tesla Falls On This, Apple Stock Pops

News Agencies

Published

on

The Dow Jones Industrial Average rallied out of the red as stocks ended the week with gains. Tesla (TSLA) was forced lower on negative headlines. A trio of Warren Buffett stocks are near buy points, including RH (RH) and Aon (AON). Apple (AAPL) was a top blue chip.




X



Meanwhile, a trio of noteworthy growth names made bullish moves. MercadoLibre (MELI), Copa Airlines’ parent Copa Holdings (CPA) and Fluor (FLR) all offered entries.

Volume on the Nasdaq and the New York Stock Exchange was lower vs. the previous day, according to early data.

Advertisement

The yield on the benchmark 10-year Treasury note rose five basis points to 3.5%. West Texas Intermediate crude rose 2% to just under $80 per barrel.

Nasdaq Gains, IBD 50 Excels

The Nasdaq managed to fight out of negative territory to rise 0.7%. Pinduoduo (PDD) was a top performer here as it rose 3.8%.

The S&P 500 also clambered higher as it gained 0.2%. Illumina (ILM) was a standout as it gained 3.8%, but its chart is unremarkable.

Advertisement

The S&P 500 sectors were mostly positive. Consumer discretionary and financials fared best, while real estate and utilities lagged. Small-cap stocks shined, with the Russell 2000 closing up 0.6%.

Growth stocks impressed most, with the Innovator IBD 50 ETF (FFTY) rallying 1.2%.

Dow Jones Today: Caterpillar Up, Apple Stock Shines

The Dow Jones Industrial Average continued to impress after it managed to reverse higher after early pressure. It ended the day up 0.3%.

Advertisement

Outside of the banking names, it was Leaderboard stock Caterpillar that impressed most on the index. CAT stock, which is extended past a 239.95 buy point, rose nearly 1%.

Apple stock reversed higher, closing 1% higher. It remains rooted below its 50-day moving average,  however.

UnitedHealth (UNH) was the stock that lagged most on the Dow Jones today. UNH stock fell 1.2% in a bearish reversal.

Advertisement

Market Breaks Past Resistance; Tesla’s Painful Transition


Warren Buffett Stocks Eye Buy Points

Many investors keep track on the portfolio of famous investors, and none is more popular than Berkshire Hathaway (BRKB) CEO Warren Buffett. A trio of stocks in his firm’s portfolio are either building bases or testing a buy point.

Aon stock is in a buy zone after clearing a cup-with-handle entry of 314.74, according to MarketSmith analysis. The relative strength line for the insurance stock is at new highs.

Advertisement

All-around strong performance has netted the stock an IBD Composite Rating of 90.

Floor & Decor (FND) is one to watch as it forms a cup base with a 102.25 buy point. The stock holds a powerful EPS Rating of 93. It is in the top 20% of stocks in terms of price performance over the past 12 months.

RH, formerly Restoration Hardware, is closing in on an entry at 338.71. It is a big favorite with institutions, with 71% of its stock held by funds. Forward earnings estimates are not ideal though, with EPS seen slipping 2% in the fiscal year ending this month.

Advertisement

A number of stocks within RH’s Retail-Home Furnishing industry group have been showing strength recently, including Arhaus (ARHS) and Ethan Allen Interiors (ETD), with the latter close to a buy point. This makes RH a stock worth keeping an eye on.

Tesla Stock Hit By These Negatives

Tesla stock was forced lower after a spate of negative developments Friday. It battled off lows but closed down 0.9%.

First, the EV giant cut U.S. Model 3 prices 6%-14%, depending on the trim. It also cut Model Y prices.

Advertisement

The firm, which is led by CEO Elon Musk, is aiming to make more models eligible for U.S. tax credits.

In addition, Guggenheim analyst Ronald Jewsikow downgraded Tesla to sell from neutral with an 89 price target. Wells Fargo analyst Colin Langan slashed Tesla’s price target to 130 from 230. However, Langan maintained an equal weight rating.

Tesla stock remains rooted below its major moving averages. Despite the day’s negative action, the EV stock has been rallying mightily of late. It is up around 19% on its Jan. 6 low of 101.81.

Advertisement

Banks Stocks Dig In After Earnings

Big banks were showing grit after posting mixed fourth-quarter results early Friday.

Consumer banking behemoth Wells Fargo (WFC) reversed higher despite a mixed Q4 report. It ended the day up 3.3% after falling near December lows.

JPMorgan Chase (JPM) also rallied to turn in a 2.5% gain. The stock dipped below the 138.76 buy point of its flat base, but is actionable once again. The company impressed investors by besting Q4 expectations.

Advertisement

Bank of America (BAC) and Citigroup (C), which both topped Wall Street views, also rose. BAC gained 2.2% while Citi rose 1.7%.

Outside Dow Jones: 3 Stocks Test Entries

MercadoLibre has moved clear of an alternate buy point at 1,039.49. It remains actionable from this entry.

The Latin America e-commerce play is also closing in on a longer consolidation pattern entry of 1,095.44. Strong all-around performance is reflected in its IBD Composite Rating of 95.

Advertisement

Copa Holdings is at the top of its buy zone past an 89.27 handle buy point. It surged in heavy volume after JPMorgan upgraded the IBD 50 airline stock to overweight from neutral. It also hiked its price target from 105 to 132.

The relative strength line hit fresh highs, a bullish sign. Copa is in the top 11% of stocks in terms of price performance over the past 12 months.

Fluor has cleared a trendline entry within a flat base. The bullish action saw the stock added to the prestigious IBD Leaderboard list of top stocks.

Advertisement

It is also closing in on a proper buy point of 36.16. Its new pattern is second stage, which still counts as a favorable early stage.

Wall Street sees profits soaring at the firm, which manages big infrastructure projects. Full-year earnings are seen vaulting 84% in 2023 to $1.66 per share.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more analysis of growth stocks.

Advertisement

YOU MAY ALSO LIKE:

These Are The 5 Best Stocks To Buy And Watch Now

Chip Stock Gets A Lift On These Products

Advertisement

Join IBD Live Each Morning For Stock Tips Before The Open

This Is The Ultimate Warren Buffett Stock, But Should You Buy It?

This Is The Ultimate Donald Trump Stock: Is DWAC A Buy?

Advertisement
Continue Reading
Advertisement

Advertisement

Breaking News

Editor Pick’s

Latest Entertainment

Entertainment11 hours ago

Stephen Dorff slams ‘garbage’ superhero movies, Marvel’s ‘Blade’ reboot: ‘We already did it and made it the best’

Stephen Dorff attends the premiere of his movie “Divinity” on Jan. 21 at the 2023 Sundance Film Festival in Park...

Entertainment11 hours ago

Yoshiki, glam-rocker responsible for ‘changing Japan’s culture,’ eyes U.S. stardom with supergroup the Last Rockstars: ‘It’s kind of cool to break some kind of boundary again’

When Japanese musician/composer/producer Yoshiki founded seminal glam-metal band X Japan back in 1982, pounding the drums in kabuki-esque facepaint, peroxide-blond...

Entertainment14 hours ago

Britney Spears asks fans to respect her privacy after police welfare check: ‘Things went a little too far’

Britney Spears says things went “too far” after fans called police to her home. (Photo: FilmMagic) Britney Spears broke her...

Entertainment14 hours ago

Camila Mendes details struggles with eating disorder: ‘I was really afraid of eating carbs’

Camila Mendes opens up about recovering from an eating disorder. (Photo: Frazer Harrison/Getty Images) Camila Mendes is opening up about...

Entertainment15 hours ago

Amy Robach and T.J. Holmes mediating with ABC amid suspension: ‘It’s all a huge mess,’ says source

T.J. Holmes and Amy Robach’s fate at GMA3 unclear as the two begin a mediation with ABC. (Photo: Getty Images)...

Entertainment19 hours ago

‘Shazam 2’ Trailer Highlights the Villainous Daughters of Atlas

A new Shazam! Fury of the Gods trailer has been released, giving fans a closer look at the upcoming DC...

Entertainment19 hours ago

Salma Hayek’s see-through dress leaves Channing Tatum speechless: ‘I have no comment’

Salma Hayek stuns in a see-through dress at the premiere for Magic Mike’s Last Dance. (Photo: Getty Images) Salma Hayek...

Entertainment19 hours ago

Succession season 4 teaser promises more warring, more Wambsgans, and a wedding

Succession will return for its fourth season March 24, HBO announced today. And we also got us our first, predictably...

Advertisement

Latest Sports

Sports31 mins ago

The Jets have a QB hole. Trading for the Packers’ Aaron Rodgers and pairing him with Nathaniel Hackett fixes it.

The Jets' company line is simple: Hackett was hired on the merit of his résumé, and Rodgers was never discussed...

Sports1 hour ago

Rory McIlroy’s stunning first-round finish ties ‘Teegate’ rival Patrick Reed for Dubai lead

Rory McIlroy needed only six shots to finish off his first round of the Dubai Desert Classic on Friday morning...

Sports2 hours ago

Jase Richardson dishes on Michigan St., learning from dad Jason

Yahoo Sports' Krysten Peek sits down with Jase Richardson, the eldest son of former NBA player Jason Richardson. The junior...

Sports2 hours ago

Record-hunter Shiffrin blows away rivals to win Kronplatz giant slalom

Mikaela Shiffrin continued her bid to become the most successful alpine World Cup skier of all-time after winning Wednesday's giant...

Sports2 hours ago

Inside a stunned Memphis Grizzlies locker room after a two-point loss to the Warriors

The Memphis Grizzlies wanted a win bad on Wednesday night against the Golden State Warriors. Instead, they lost their fourth...

Sports3 hours ago

Warriors’ Jonathan Kuminga taking giant steps toward immense NBA potential

Jonathan Kuminga has moved beyond the nights when he was glued to the bench and is playing a significant role...

Sports3 hours ago

Raptors trade rumours: Interest in VanVleet, Anunoby picks up; Trent Jr. could re-sign

As the NBA Trade Deadline approaches, interest in the Raptors' core pieces is picking up around the league.

Sports4 hours ago

Finley Chastain, nation’s top-ranked eighth-grader, commits to Lady Vols basketball

Finley Chastain, the nation's No. 1 prospect for the Class of 2027, announced her committed to Tennessee Lady Vols basketball...

Technology Hot News

Technology1 week ago

Led by "Amazon" and "Microsoft" .. the technology giants are planning to lay off 64,000 employees

After 10 years of driving the stock market bull run, big tech companies are racing to downsize staff to adapt...

Technology1 week ago

Apple introduces MacBooks with new M2 processors

Yesterday, Tuesday, Apple unveiled MacBooks powered by the new, faster “M2 Pro” and “M2 Max” processor chips, in a surprise...

Technology1 week ago

All you need to know about the upcoming Galaxy S23 phones from Samsung

Samsung has officially announced that the (Galaxy Unpacked 2023) event will be held this year on Wednesday, February 1, which...

Technology1 week ago

FTX Exchange Announces Hacking and Stolen $415 Million in Cryptocurrency

Bankrupt American cryptocurrency firm FTX announced today, Wednesday, that $415 million in cryptocurrency has been hacked and stolen from the...

Technology1 week ago

Because of a "fraudulent tweet"… Elon Musk's trial begins

Elon Musk's trial began Tuesday in San Francisco with the selection of jury members who will have to decide whether...

Technology1 week ago

An electric spoon replaces salt and spices, but with conditions

Experts have developed an electric spoon that is able to replace spices and flavors and affect the taste buds in...

Technology2 weeks ago

The biggest dangers of using tracking devices.. so you can escape?

If you spot an unknown Bluetooth tagging device, there are ways to disable the device so it can't track your...

Technology2 weeks ago

New Twitter.. For You tab to web version

The Twitter platform announced that it will bring the new tab (For You), which launched last Tuesday for iPhones and...

Advertisement